Chicago Loft Office Building Commands Near-Record Price
- Sep 17, 2018
Marcus & Millichap has brokered the sale of a four-story historic building in Chicago’s West Loop. The 30,620-square-foot asset traded for $13.1 million or $436 per square foot, just under the highest price paid for a multi-tenant loft office building in the neighborhood, and is located one block south of McDonald’s new global headquarters. The buyer is a New York-based private family-owned company.
The former owner of the 1027-1031 W. Madison St. property is Schafer Condon Carter, an independent creative and technology agency that will remain a tenant in the building, occupying the upper three floors. The first floor is leased to CrossTown Fitness and Madison Bar & Kitchen.
The office property was completed in 1872 and is an official Chicago landmark, bearing the Class L designation. SCC bought it in 2010 for $1.6 million and invested $4 million in renovations, restoring its historic facade and fully modernizing the interior.
“This sale speaks to the tremendous outlook for the West Loop. Passive cash-flowing assets that are well located and poised to sustain stable, long-term growth should continue to perform very well with a national buyer audience,” said Stephen Lieberman, a director with Marcus & Millichap and the seller’s broker, in a prepared statement.
Image courtesy of Marcus & Millichap